Alright guys I have a really weird question. My friend who lives in DE is going to be buying my cavalier. But he has to pay me in payments. We are going to get a document written up stating he pays me so much each month for so long pretty much like a loan through a bank. what i'm trying to figure out is i want to keep the car in my man until its paid off. How is this going to work? any suggestions would be great.

Bad idea all together, unless you really need the $. Friends & money never mix well, you should have the friend save up or get a loan and buy it outright. There are legal issues with who insures it, and whose name is on the title and if there is a mechanical problem who pays?

michael castrechino wrote:Bad idea all together, unless you really need the $. Friends & money never mix well, you should have the friend save up or get a loan and buy it outright. There are legal issues with who insures it, and whose name is on the title and if there is a mechanical problem who pays?

x1000

It's nothing personal just a recipe for disaster.



"In Oldskool we trust"

Same here, do not do it. Tell him to get a loan or cash, and do it the right way. Deals like this can break a good friendship if gone sour.


'03 LS Sport 5spd, Amsoil fluids, Vibrant cat-back, 5% 3M color stable tint, Z24 trunk lid

Yea tell him to get a loan and to buy it, unless you keep the car until it's paid in full.

What happens if he blows the engine/ trans/etc, or wrecks it and only has made a couple of payments on it. He doesn't have the $ to buy it, so he won't have the $ to repair it, or if he uses all his $ to repair it he can't pay you. He could also just give you the car back wrecked, blown up, etc then you are stuck with a car that isn't worth anything. Doing deals like this will end you in court sooner or later having to sue someone.

This is a bad idea all around. Either dude comes up with the $ to buy or put the car on craigslist and sell it